Crypto has ended up in this state today, truly no one is innocent.

VCs seek high multiples to exit, project teams aim to issue tokens for profit, exchanges turn a blind eye for listing fees, media and KOLs chase traffic and coins, retail investors cling to their faith in hundredfold returns, collectively treating "no limits" as industry culture.

The essence is simply this: this circle is too tolerant of fraudsters.

Fraudsters not only won't be nailed to the pillar of shame but are instead repeatedly elevated to the status of new narrative kings.

The result is that bad money drives out good, a new batch of investors is cut down time and again, only to suddenly realize: the so-called "disruptive paradigm," "thousandfold potential," and "fat protocols" are all tricks.